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How China’s Millennials Are Driving the Luxury Market Boom

theguru Views  

China’s luxury market is predicted to become the largest in the world. The shift in consumer trends, primarily among China’s younger population, is the main factor behind this growth.

According to a report titled Inland China and Hong Kong Luxury Market released by the global consulting firm PwC China on the 21st, the Chinese luxury market is expected to grow to $148 billion by 2030.

Sales at Hainan’s duty-free shops are forecasted to reach 160 billion yuan from 2023 to 2025, boasting an annual growth rate of 91%. Meanwhile, the Hong Kong luxury market is anticipated to expand yearly at 4.5%, with sales projected to hit 125.8 billion Hong Kong dollars by 2030.

The report indicates that recent self-indulgent and rational consumption trends among young Chinese will impact this growth. Preferences for products featuring Chinese elements and high-end furniture are also expected to play a significant role.

Furthermore, the increasing interest in outdoor sports such as skiing and cycling, diverse forms of luxury travel, participation in exhibitions, collecting limited edition items, and engaging in cultural activities are anticipated further to fuel the expansion of the Chinese luxury market.

As sustainable consumption gains traction globally, more than 40% of Chinese consumers are ready to pay a 10% premium for ESG (Environmental, Social, and Governance) products and services, even if they exceed the average price.

Xiao Yang, PwC China’s partner overseeing sustainability strategy and innovation, emphasized, “Luxury brands are strategically harnessing the consumption preferences of the younger generation to solidify their core customer base. They must reinforce the ESG principles within their brand ethos and orchestrate exclusive social engagements.”

theguru
content@viewusglobal.com

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